Tuesday, April 21st6.8°C
26075
25783

Syncrude partner Canadian Oil Sands Ltd. posts lower quarterly profit

CALGARY - Canadian Oil Sands Ltd. (TSX:COS), which holds the biggest stake in the massive Syncrude oilsands mine, has reported lower profits in the fourth quarter on higher expenses and a foreign exchange loss.

The Calgary-based company said net income was $192 million, or 40 cents per share.

That missed the average analyst estimate of 47 cents, according to Thomson Reuters, and came in lower than the $218 million, or 45 cents per share, it reported for the same period of 2012.

Sales were $1.048 billion in the last three months of 2013, compared to $1 billion a year earlier.

During the quarter, Canadian Oil Sands booked depreciation and depletion expenses of $152 million compared with $119 a year earlier, related to writeoffs of Arctic natural gas assets and an emissions reduction project at Syncrude.

The foreign exchange losses were related to a weakening Canadian dollar.

Syncrude, north of Fort McMurray, Alta., produced an average of 307,600 barrels per day during the last three months of the year, up from 298,000 barrels per day.

The other Syncrude partners include Imperial Oil Ltd. (TSX:IMO), Suncor Energy Inc. (TSX:SU), Chinese firms Sinopec and CNOOC, Mocal Energy and Murphy Oil.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15412.60+52.05
S&P CDNX703.65+0.80
DJIA18034.93+208.63
Nasdaq4994.60+62.79
S&P 5002100.40+19.22
CDN Dollar0.8172-0.0004
Gold1193.40-0.10
Oil56.33-0.05
Lumber247.70-0.70
Natural Gas2.57+0.03

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.42+0.02
Cantex0.035+0.005
Anavex Life Sciences0.385+0.055
Metalex Ventures0.085+0.010
Russel Metals27.42-0.06
Copper Mountain Mining1.10-0.03
Colorado Resources0.11+0.01
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.185+0.010
Decisive Dividend Corporation1.80+0.15

 



25866

FEATURED Property
1993686651 Denali Crt
4 bedrooms 3 baths
$998,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_








Member of BC Press Council


24875